Research On Motivation And Performance Of Employee Stock Ownership Plan In Sewing Machinery Industry

Sewing machinery industry belongs to the manufacturing industry,which is an important part of China’s economic development.With the continuous development of the industry and the constant update of technology,the competition between enterprises becomes more and more fierce,and enterprises are in urgent need of optimizing the level of corporate governance and improving their competitiveness.As a long-term incentive mechanism that can effectively solve the principal-agent problem,employee stock ownership plan can improve the corporate governance system.But the ESOP started late in our country,and there are still some problems in the process of implementing it.Therefore,this paper selects the three-phase employee stock ownership plan implemented by Jack Stock as the research object,analyzes the motivation and effect of its implementation,hoping to provide a reference for other enterprises in the industry preparing to implement employee stock ownership plan.This paper uses case study method,event study method and comparative analysis method to study the comprehensive performance in the implementation process of Jack Stock Ownership plan.In the past,scholars generally used financial index method to evaluate the performance of employee stock ownership plan,which has obvious limitations.In this context,this paper introduces the balanced scorecard,which is not only limited to financial indicators,but also evaluates the enterprise performance from four different dimensions.It is more scientific and rational to analyze the key elements in the evaluation system of finance,customers,internal processes and learning and growth.The research conclusion of this paper is that the implementation of employee stock ownership plan of Jack Stock plays a positive role in the development of the company after listing,but there are still some deficiencies.In terms of finance,the implementation of the employee stock ownership plan of Jack Stock has no significant effect on improving its profitability,but it can promote and stabilize its solvency.In terms of customers,Jack Stock’s implementation of employee stock ownership plan has a positive impact on market value and customer stickiness.In terms of internal process,the implementation of employee stock ownership plan has improved the production efficiency and optimized the production and management process.In terms of learning and growth,the implementation of employee stock ownership plan can attract R&D talents and enhance the innovation and R&D ability of the enterprise.Finally,according to the implementation of Jack stock employee stock ownership plan existing problems put forward suggestions.